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Story:Hindustan Petroleum Corporation Limited operates as an integrated oil refining and marketing company in India. It offers petrol, diesel, kerosene, liquefied petroleum gas, naphtha, lubricants, specialties and greases, and lube base oils; and aviation turbine fuel. The company’s bulk fuels and specialties include bitumen; fuels, such as high speed diesel, furnace oil, light diesel oil, and low sulphur heavy stock; marine bunker fuels comprising heavy oil, marine diesel oil, and marine gas oil; marine lubes; hexane, propylene, jute batch oil, solvent, turpentine oil, carbon black feed stock, and molten sulphur; super kerosene oil; and HP FINIT, a household insecticide. It offers bulk fuels and petroleum products directly to industrial consumers, such as power plants, chemicals, fertilizers, shipping companies, and airlines. The company also operates retail outlets that offer petroleum products, liquefied petroleum gas for automobiles; compressed natural gas, and turbojet diesel, as well as HP cards. In addition, it engages in the exploration and production of hydrocarbons; and operates wind power projects in Maharastra and Rajasthan. The company has interests in 2 refineries located in Mumbai and Visakhapatnam; 31 terminals/installations/tap off points; 70 depots, 44 LPG bottling plants; 9,127 retail outlets; 31 ASFs; 1638 SKO/LDO dealers; 2,404 LPG distributors; and 19 exploration and production blocks in India, as well as 4 blocks each in Oman, Australia, and Egypt. It has joint ventures with Mittal Energy, Ltd.; Hindustan Colas; Prize Petroleum Company Limited; South Asia LPG Co Pvt., Ltd.; Bhagyanagar Gas Limited; Aavantika Gas Limited; Petronet India Limited; Petronet MHB Limited; Mangalore Refineries and Petrochemicals Limited; Petroleum India International; and Sushrut Hospital and Research Centre.As against a net profit of Rs.2,089.61 crore in Q2Fy11, in the current fiscal for Q2FY12, the state owned company posted a net loss of Rs.3364.48 crore. And this was despite the turnover increasing 30% at Rs.39,114.80 crore. The company, as expected has laid the blame entirely, fair and square on the Govt for failing to offer any compensation for the losses it incurred on subsidised fuel sales. These downstream oil companies like HPCL and BPCL sell diesel, domestic LPG and kerosene at rates much below market prices, as dictated by the government. The loss arising out of the difference in pricing is partially made up by assistance from upstream firms like ONGC and a cash subsidy from the government, while they are required to shoulder the remaining burden themselves. And in Q2, there has been no payment of cash subsidy from the Govt.Its under-recovery (revenue loss) for the quarter was at Rs.4,686 crore on selling diesel, domestic LPG and kerosene below cost. Of this, Rs.1,561 crore came from upstream firms and the rest Rs 3,125 crore had to be booked on its books, leading to the loss. Its 9 million tonnes per annum refinery at Bathinda being constructed by HPCL-Mittal Energy has achieved about 99.58% overall progress and is scheduled to be commissioned in second half of current fiscal.

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october 2013

September 2013

Arun.K.Mukherjee

A 26 year old bong lad from the outskirts of kolkata who loves stock markets more than his gfs or anything.Here in the stocks world since when i was 14,started investing in markets with 1000rs which compounded and has turned "a decent respectable portfolio" now.Learning everyday still a novice who intent to put news and stuff which were out of reach to simple retail investors.